Egypt’s Hassan Allam plans to list shares in Cairo, London

Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people. (AFP)
Updated 08 October 2018
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Egypt’s Hassan Allam plans to list shares in Cairo, London

  • Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people
  • It did not give a date or pricing information for the share offer

CAIRO: Egyptian construction and engineering group Hassan Allam said on Monday that it would float up to 44.3 percent of its shares on the Egyptian Exchange and the London Stock Exchange.
The company said it intended to use the proceeds to develop solar assets, fund its water platform, acquire a specialty engineering company, and support continued growth in construction and building materials businesses.
Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people, and through subsidiaries in Saudi Arabia and Algeria, according to an announcement of the sale on the company’s website.
It did not give a date or pricing information for the share offer.
Renaissance Capital and EFG Hermes will be joint global coordinators for the sale, and together with Arqaam Capital will also act as joint bookrunners, the company said.
It said the selling shareholders were the Hassan Allam family, which collectively owns an 86.2 percent stake in the company, as well as the International Finance Corporation, which owns a 13.8 percent stake.
The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt at a time of emerging market turbulence.


BP and SOCAR sign new Azeri oil deal

Updated 19 April 2019
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BP and SOCAR sign new Azeri oil deal

  • The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day
  • BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.